Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.470%

Price spread now: Binance against Injective−3.951%107s7-day average +0.819% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Injective Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+3.367%+$337 on $10k

Price spread, last 4 days (all we have)+4.450%+$445 · spread now −3.951%, 7d avg +0.819%

Together, before fees+7.817%+$782 on $10k · with fees, hour by hour

Funding pays, the price is against you. Binance is 4.770% cheaper against Injective than usual: you would sell low and buy high (spread −3.951% now, against its 7-day average of +0.819%). If the spread goes back, that is −$477 on $10k: about 8 months of funding at the current rate (+$2 a day). At the pace of the last 7 days (+3.367% in total) that is about 9.9 days. The two prices were read 107 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective ONDO/USDC PERP	0.4568	0.0033	pay 0.0004% / 1h	21m 37s	$888	$216K	5.5x
Short	Binance ONDOUSDT	0.4388	0.0100	get 0.0050% / 4h	21m 37s	$63.4M	$230.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Injective. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee InjectivebpFee BinancebpOrdersPrice spread, now −3.951%Rate

Funding earned: $14
Price spread: −3.951% → +0.819%: −$476.96
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Binance: 5 bp × 2 orders: −$10
Net: −$472.98
Costs to cover: 0.100%
Break-even: 243.5 days

Slippage unknown: Injective: no order-book sample; Binance: live order book, 7 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Injective no order-book sample	—	—	—	—	—
Sell Binance live order book, 7 min ago	1.14 bp	8.6 bp −$9	17.5 bp −$175	55.3 bp −$5,534	392.5 bp −$196.2K

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

ONDO on 39 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4387	−3.966%	$7K	—	150x	as long as short
Kraken Futures PF_ONDOUSD	+0.0033%	1h	0.4387	−3.971%	$2.6M	$7.8M	50x	as long as short
Injective ONDO/USDC PERPlong	+0.0033%	1h	0.4568	long leg	$888	$216K	5.5x
Lighter ONDO	+0.0096%	1h	0.4390	−3.886%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4388	−3.940%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4388	−3.935%	$363K	$855K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4392	−3.862%	$37.6M	$24.7M	10x	as long as short
Binance ONDOUSDTshort	+0.0100%	4h	0.4388	−3.951%	$63.4M	$230.6M	75x
Bybit ONDOUSDT	+0.0100%	4h	0.4385	−4.006%	$67.8M	$126.1M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4388	−3.940%	$17.1M	$73.1M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4398	−3.730%	$72K	$85K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4385	−4.006%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4385	−4.006%	$11.6M	$16.4M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4387	−3.962%	$44.3M	$42.0M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4386	−3.984%	$12.7M	$10.7M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4387	−3.962%	$25.1M	$39.8M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4386	−3.984%	—	$763K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4385	−4.000%	$187K	$978K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4384	−4.035%	$711K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4388	−3.938%	$4K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4390	−3.897%	$411K	$1.1M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4392	−3.853%	$135K	$355K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4389	−3.930%	$69K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4391	−3.875%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4389	−3.919%	$456	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4401	−3.656%	$127K	$430K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4385	−4.006%	$4.2M	$7.8M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4385	−3.999%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4384	−4.026%	$395K	$798K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4391	−3.880%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0208%	1h	0.4386	−3.982%	$361	$2K	10x	as long as short
Aster ONDOUSDT	+0.0225%	4h	0.4389	−3.919%	$759K	$2.5M	20x	as long as short
dYdX ONDO-USD	+0.0311%	1h	0.4384	−4.024%	$248K	$129K	5x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4404	−3.590%	$272K	$730K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4389	−3.919%	$3.1M	$3.0M	75x	as long as short
Phoenix ONDO	+0.0365%	1h	0.4392	−3.862%	$35K	$223K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0434%	1h	0.4389	−3.919%	$18K	$367K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0607% / S −0.0219%	1h	0.4386	−3.979%	$521K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1152%	1h	0.4387	−3.953%	$2K	—	20x	as long as short